Kono Insurance will become a wholly owned subsidiary of Zurich

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Zurich’s General Insurance business in Hong Kong has acquired Kono Insurance, an authorised general business insurer in Hong Kong.

Kono Insurance, which specialises in construction and engineering related risks, will become a wholly owned subsidiary of Zurich (subject to regulatory approval).

Zurich Hong Kong chief executive Eric Hui said the acquisition would enhance Zurich’s existing employees’ compensation (EC) insurance offering.

“Kono Insurance has a strong team with underwriting discipline and claims competence in construction related insurance,” he said.

“It is our strategic intent to serve the construction industry with a wider range of insurance propositions including engineering, credit, professional indemnity, etc.”

Kono Insurance chief executive Andrew Fung added: “This next chapter in Kono is an exciting time for our team. Kono will benefit from Zurich’s global expertise and strong position in Hong Kong, thereby bringing better services to our customers.”

Kono Insurance is a multi-line general business insurance player with more than 30 employees in Hong Kong.

Zurich’s General Insurance business and its EC portfolio in Hong Kong ranks second in the the overall general insurance market and EC market respectively in 2014 in terms of gross written premium.